The Trans-Pacific Partnership will tear down trade barriers and help level the playing field for U.S. agricultural exports to 11 nations across the Pacific Rim, according to the American Farm Bureau Federation. Farm Bureau released an economic analysis Tuesday estimating the trade pact will boost annual net farm income in the United States by $4.4 billion. The report forecasts farm-price increases for corn of five cents per bushel, a 12 cent per bushel increase for soybeans, a two-cent per bushel increase for wheat and a 16 cent per hundredweight increase for rice. Cotton prices are not expected to change. However, cash receipts are projected to rise by $21 million. AFBF also predicts price increases for beef at $2.66 per hundredweight, a $2.45 increase for pork and a $1.45 increase for poultry. Dairy products would also increase; including milk rising 21 cents per hundredweight. The agreement has been approved by negotiators from the 12 TPP nations. The U.S. International Trade Commission is preparing a formal analysis for the administration, which will formally ask Congress to ratify the deal.
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